Your Personal Finance ProPersonal Finance for Young Professionals2015-03-31T05:32:06Zhttp://yourPFpro.com/feed/atom/Melissahttp://yourPFpro.com/?p=60242015-03-25T04:41:14Z2015-03-25T13:30:26ZFor those of us in our twenties and thirties, retirement seems fairly far off and remote. After all, when you’re planning school, buying your first home, or traveling the world, let’s face it: thinking about your “golden years” is pretty far down on your list. However, as the news media likes to remind us, all […]

]]>For those of us in our twenties and thirties, retirement seems fairly far off and remote. After all, when you’re planning school, buying your first home, or traveling the world, let’s face it: thinking about your “golden years” is pretty far down on your list. However, as the news media likes to remind us, all we have to rely on for retirement is ourselves – not our pensions (if you have one) or Social Security.

Regardless of your thoughts on Social Security’s longevity, the news media does get one thing right: we really do only have ourselves to rely on when by the time we reach retirement. We can no longer expect anyone to provide us with a livable wage in retirement and guaranteed health care (or, at least the quality of health care you’d like to receive).

However, when you have student loans (or other debt) to pay off, are trying to save up for medium-term goals, and have to save for the longtime goal of retirement, it’s confusing to determine where to allocate your income. Whether you’re underemployed, entry-level, or making a good salary, there is a system you can follow to make the most of your money – all while still addressing debt and saving.

The 50/30/20 Rule

The 50/30/20 rule is one way to efficiently tackle all your expenses. Instead of saving intensely, and neglecting your debt, or paying off debt and ignoring your emergency expenses, this rule helps you divide up your income and cover all bases. It works like this:

50% of your take-home pay should go to essential expenses, like housing, utilities, transportation, and groceries (note: not entertainment and going out to eat!) The 50% rule is for the bare minimum amount you need to survive.

30% of your take-home pay should go to lifestyle choices, which is all of the fun stuff that make life worth living. This includes saving up for travel, gifts, Internet, going to the gym (or making your own home gym).

Does your “bare minimum” (50% of your salary) take up more than 50%? You may want to consider moving closer to work to lower transportation costs, or move farther away if it means a cheaper cost of living. And yes, you can allocate more than 20% of your money to your financial priorities, if you can.

About That Debt…

Let’s say you have the 50/30/20 rule down, but you’re still not sure about that debt you have. When you’re young, shouldn’t you focus on paying off debt and save for retirement once you’re settled? Well… yes and no. Helpful, huh? Here’s a rough guide for when it’s better to pay down debt and when it makes more sense to save for retirement.

First, a quick note: save something for retirement, no matter how small. Most financial advisers typically recommend you save 10% of your take-home pay for retirement (part of “paying yourself first”), but sometimes that’s hard on a small salary. The best advice is to save what you can. If that’s only 5% of your salary, save 5%! The power of compound interest is too important when you’re young!

Once you have a small retirement savings, take a look at your debt. What kind of debt do you have?

School loan debt: depending on how much your interest rate is, you may be better off paying the minimum on your student loan debt for a variety of reasons. First of all, you can deduct $2,500 in student loan interest from your taxes, so if you pay $2,500 or less a year on student loan interest, you can write it all off. Second, if you’re in the student loan Public Service Loan Forgiveness program (you work in public service, including the government and certain nonprofits), you can be eligible to have your loans forgiven in 10 years or less.

If student loan debt is taking a large amount of your take-home pay, look into an Income Based Repayment plan to consolidate and possibly lower the amount you pay monthly on your student loans.

Home loan: mortgage interest (on first and second mortgages) is also tax deductible, so it may make more sense for you to continue paying the minimum on your home as well. Particularly if you plan on selling your home (for a profit) in a few years, it may make the most sense for you to pay the minimum and pay off the house when you sell.

Credit card debt or auto loans: in most cases, pay this debt off first! Credit card and auto loan interest rates are usually higher than student and home loan interest, which means paying off this debt will cost you less in the long run.

Remember: these are all general guidelines. If your student loan debt is held by a private company that charges you 7% or more in interest, and your car loan is only 4%, tackle the student loan debt first. This may mean you try to consolidate your debt at a lower interest rate, or try to negotiate with your loan holder, but the bottom line is you’ll end up paying more on your student loan than your car (in that scenario). Pay off your highest interest rate debt first, no matter if it’s credit card, auto, or student loan to save yourself money in the long term.

If you’re a long-time Your Personal Finance Pro reader, you already know how important it is to not rely on anyone but yourself to pay for your retirement. However, without a plan, it’s difficult to know if you should pay off all your debt first, and save money later, or save a small amount while paying off debt.

Although it feels more satisfying paying off every single one of your debts, it won’t feel that great if you’re 35 or 40 and only just beginning to save for retirement. Slow and steady wins the race and, as you get raises, consider splitting your raise and putting half in retirement and half to increasing your debt repayment. You will eventually pay off your debt, plus you’ll benefit from years of compound interest.

]]>4Melissahttp://yourPFpro.com/?p=60132015-03-18T16:02:39Z2015-03-18T16:02:39ZUnless you’re blessed enough to live somewhere nice year-round, like Harry, chances are you either go to a gym or workout in your home. As much as I heard people talking about working out at home with workout DVDs, I never really thought working out at home was feasible. After all, with all the fun […]

]]>Unless you’re blessed enough to live somewhere nice year-round, like Harry, chances are you either go to a gym or workout in your home. As much as I heard people talking about working out at home with workout DVDs, I never really thought working out at home was feasible. After all, with all the fun distractions at home, plus general laziness, is it really possible to get a better workout at home than at a gym? At least people in the gym are judging me, so I feel like I have to work out harder.

However, my fiance recently brought up an interesting question: what if instead of spending the money on a gym (which someone is not using), we spent that money on a home gym?

After doing quite a bit of research, I’ve come up with several pros and cons to building your own home gym. One big pro is that, with a home gym, you can literally work out whenever you want. More importantly, for the 3-4 months out of the year when it is nice to live in Phoenix, we could spend 80% of our time outdoors, like we do now, save money on gym memberships for both of us, and still have weights to use in order to keep in shape.

So will having your own home gym really save you money? While the convenience factor is huge, there are quite a few things to consider when evaluating whether you’ll actually save any money with your own home gym.

The Cost of a Home Gym

In my quest to (maybe) set up a home gym, I’ve discovered setting up a home gym really depends on the amount of space you have. Let’s say you have an entire room (like a guest room that never sees guests) to use as your home gym. In that case, you may have room for a set of weights, an area for stretching/yoga, and maybe even a treadmill or elliptical machine.

Having a bigger room you want to fill would obviously be the most expensive set up. For example, a good treadmill, according to Consumer Reports, will cost you anywhere from $1,500 to $4,000 – and many people on body building forums say it could cost you up to $5,000 for a good treadmill.

If you don’t want a treadmill, whether due to bad news or a general aversion, you could go with an elliptical machine instead. Elliptical machines will cost you a little less – anywhere from $900 to $3,600, if you go with Consumer Reports’ recommendations. However, you’re only going to buy a treadmill or elliptical if you have the room and budget to do so. Not every person will want to buy a $2,000 treadmill, especially if they have other ways to get their heart rate up (either by running outside or using a cardio workout video).

If you don’t want any of the equipment associated with a home gym (or you don’t have the space for it), you’ll likely want some free weights and an area to do stretching, yoga, pilates, etc. Free weights will be your biggest expense in this category, ranging anywhere from a few dollars (for one set of smaller weights) to $150. You can find discounts on free weights through Craigslist, or yard sales if you’re a particularly savvy bargain hunter.

A good yoga mat won’t cost you very much at all, from $10 and up, depending on if you want a particularly cushy mat or organic mat. Take good care of your mats by washing them carefully when they get smelly (some mats you can throw in the washer, but others you’ll have to soap off with a hand towel and dry either outline on the line or in your bathroom). Personally, I have a cheapo Target mat that I can throw in the washer that’s served me really well – it’s not the most comfortable mat on a hard surface, but I don’t spend more than half an hour on the ground, so it’s okay for me. If you have back problems, splurge on the more expensive mat with more padding.

Finally, consider your entertainment. Listening to music can improve your workout performance, so consider getting a system to play music through your phone, iPod, tablet, etc. Your phone with Pandora or Spotify will work just fine here – and you don’t even need headphones, because in your home gym, you can listen to whatever you want and crank it up. No one to glare at you for your taste in music in your own home!*

You may consider investing in an affordable TV and linking it up to your Netflix/Hulu/other TV service you have. With a TV, if you have a favorite show, you could watch it while working out. Yeah, I know it’s not as nice as vegging out in front of the TV with some popcorn but hey, if you’ve invested in a treadmill or elliptical machine, you better use it!

*Your spouse, children and pets may disagree with your choice of music. Tread carefully.

That said, the price of gym memberships can vary dramatically depending on your gym. Planet Fitness, for example, has $10 memberships, but you can pay upwards of $20+ for places like LA Fitness or country club memberships. If you pay extra for any special packages, like access to the pool, spa, or personal trainers, that will obviously increase your membership costs.

There are intangibles associated with gym memberships too, like actually getting to the gym and working out for an acceptable period of time. 67% of Americans with gym memberships never use them, so this is a real concern! You may also want to listen to music (using Spotify, purchasing songs on iTunes, etc.), need headphones, or invest in a solid water bottle. All not very pricey expenses, but fairly crucial to a successful workout experience.

While the price of a home gym (anywhere from $50 for a cheap mat and some resistance bands or lighter free weights, to $1,500 and up for a treadmill, weights, etc.) seems much more expensive than a traditional gym, it’s not quite as clear cut as it may seem. Depending on the gyms in your area, you could pay anywhere from $10 to $50 and up for a monthly gym membership ($120 to $600+). And while you could sell your treadmill and weights if you didn’t want your home gym anymore, have you ever tried to get out of an LA Fitness contract? It’s almost impossible!

The bottom line is: the best gym set up for you is the one you’ll actually use. If a home gym seems appealing, but your treadmill ends up sitting in the corner as a clothes rack, it’s not a good investment. On the other hand, if your gym is $50/month and you decide to cancel your membership and get a $1,500 treadmill, in less than 3 years, you’ve “paid” for your treadmill using the money you didn’t spend on your gym. The “right” amount of money to spend on your fitness depends on your lifestyle and motivation.How do you fit exercise into your life? Do you belong to a gym, have your own home gym, or workout outdoors, or some combination of the 3?

]]>11Melissahttp://yourPFpro.com/?p=59992015-03-11T04:47:04Z2015-03-11T13:30:15ZNo matter where you are, March 17 is a day of celebration all around the world. From Australia to Jordan, to the US and Ireland itself, many thousands of people will be celebrating St. Patrick’s Day – Irish or not. Even if no one you knows celebrates St. Patrick’s Day, it’s a pretty big deal, […]

]]>No matter where you are, March 17 is a day of celebration all around the world. From Australia to Jordan, to the US and Ireland itself, many thousands of people will be celebrating St. Patrick’s Day – Irish or not. Even if no one you knows celebrates St. Patrick’s Day, it’s a pretty big deal, with people spending $4.7 billion celebrating the holiday.

If you’d like to celebrate the lucky holiday but save a little green in the process, here are some savvy tips. Take it from me: my family is Irish and goes all out for the holiday. I’ve learned some tricks to save a little bit over the years!

Set Your Strategy

The best way to plan for a frugal St. Patrick’s Day celebration is to plan ahead of time. Decide now if you want to celebrate St. Patrick’s Day at all, but be realistic. Do you have a spouse or friend who “is totally Irish” and will want you to celebrate with them? If so, determine when you want to go out – weekend before, after, or day of the holiday? Look up bars online, or check out your local weekly newspaper to see if any bars are offering St. Patrick’s Day specials. By figuring out where to go ahead of time, and scoping out the deals, you’ll save yourself money by not getting dragged into spending more than you planned.

Speaking of planning, pay with cash. Determine how much you want to spend ahead of time so that, after a few pints of Guinness, you don’t feel like chasing the rainbow into debt-town. This will also let you have a little more fun, because by planning out your allotted St. Patrick’s entertainment budget, you won’t feel guilty for spending money you don’t have.

Finally, you might want to wear green, but don’t buy anything just because you feel you should. If you don’t own any green, see if you can find a green pin, hat, or bracelet (yes, even the guys). You may even have a friend who owns a green shirt you can borrow. Or you can use my favorite response when someone asks why you’re not wearing green on St. Patrick’s Day: your underwear is green. Just be careful who you say it to – they might want to see (or you might gross them out), so use that answer cautiously.

Save Money on Drinks

The easiest way to save money on St. Patrick’s Day (other than not celebrating it at all) is celebrating it the weekend before the actual day. However, many bars have gotten used to that, and use the weekend before St. Patrick’s Day as a way to continue (or begin) the celebration. One bar near me is actually calling all of March “St. Patrick’s Day Month” as an excuse to offer green beer all month.

If that’s what you’re up against, you have a couple of options. If you checked out all the best St. Patrick’s drink deals near you and not found anything worthwhile, you can still save money on alcohol. Drink beer instead of wine or cocktails. While the cocktails are sure to be some concoction of Jameson, they’re also likely to cost you more. If you must have your Jameson, that’s fine, but stick to your budget and move to beer once you’ve started exhausting your cash reserve.

Not into drinking on a Tuesday night? Understandable! If you still want to go out with friends and not be accosted with “you’re not drinking?!” questions all night, order a seltzer or club soda. Even a regular soda will work. Non-alcoholic drinks are more affordable than alcoholic drinks, and no one will be able to tell if you’re not drinking.

Speaking of drinking, if you don’t have a designated driver chosen, choose cheap(er) transit. If you’re lucky enough to live near a city with a decent metro system, you’re in luck! For everyone else, you’ll want to have a system in place before you go out drinking. Set up Uber or Lyft on your phone, if you don’t have it already. St. Patrick’s night might be a “surge” night (where prices increase because there are more riders than drivers), so keep an eye on the pricing or have a few friends you can split the cost with.

Of course, one way you can save the most money is by staying in and doing something at home. Make your own Irish shooters, or warm yourself up with a toasty Irish coffee. Sing Irish songs and pretend you can Riverdance with your friends. Personally, I’m a fan of dressing in all green, visiting the bar with some friends for an hour or so, then going home and eating some (store-bought) soda bread. It may not be really exciting, but it does save money!

How do you celebrate St. Patrick’s Day? How do you save money on the holiday – not celebrating at all, or celebrating at home?

]]>6Harry Campbellhttps://plus.google.com/+harrycampbell/postshttp://yourPFpro.com/?p=59892015-03-07T23:58:20Z2015-03-09T14:25:11ZThe saying “time is money” has never been more true, particularly if you’re an entrepreneur, side hustler, or freelancer. Have you ever thought “if only I could hire a personal assistant…” when presented with some necessary-yet-time-intensive life task, like grocery shopping or car repairs? While you could outsource your grocery shopping to Task Rabbit, it’s […]

]]>The saying “time is money” has never been more true, particularly if you’re an entrepreneur, side hustler, or freelancer. Have you ever thought “if only I could hire a personal assistant…” when presented with some necessary-yet-time-intensive life task, like grocery shopping or car repairs?

While you could outsource your grocery shopping to Task Rabbit, it’s more risky trusting your car repair to someone on Task Rabbit, or even online. You’re usually left with two options: the dealerships, which will charge you the most, or a local mechanic, who may or may not be reputable. Also, either way, you’re going to be without your car for hours, and depending on the repair, you could be out days.

Wouldn’t it be better if a mechanic could come to you, work on your car, and be done by the end of the day? Having that sort of luxury is usually associated with the upper echelons, but no more. YourMechanic.com is a relatively new company, started in 2011, that brings reputable mechanics to where ever you are to handle your auto repair and maintenance needs.

Sound too good to be true? It’s not!

About YourMechanic

YourMechanic is a service that brings independent, certified and insured mechanics to your home, office, or where ever you need to meet to fix or do maintenance on your car. Using the YourMechanic.com website, car owners can read client reviews to find independent mechanics in their communities, get instant pricing on their repairs, and book appointments. I’ve used them for an oil change recently to try them out, and I have to say I was very happy with the service I received.

Here’s a little more about what YourMechanic does:

YourMechanic ensures that you are getting a fair price for the services you require by itemizing parts and labor costs in your quote

Each mechanic is publicly rated by customers after each appointment similar to the way passengers rate drivers with rideshare apps

You can conveniently book everything online and pay with your credit card

Prices are almost always lower than they would be at a shop since there is much less overhead

The mechanic will come to wherever you are! (This is the best part for me)

The Booking Process

The easiest way to get a quote and book an appointment is to head to their website and select ‘Get A Quote‘. You enter in the type of car you have, the service you need, your contact info and from there, you’ll get real time pricing, availability and booking options right there on the screen.

The Oil Change Experience

My mechanic called me the day before to confirm the time and let me know that he would be there at 8:45 am sharp on Sunday morning. On Sunday, he arrived right on time and I went outside to meet him. David was an experienced mechanic (15 years) and he told me that he works full time at a big shop but did this in his spare time to earn a few extra bucks. Sound familiar?

The mechanics can’t do any work on the street so you need to make sure your car is parked in your driveway or in a parking lot. In this case, I had our car parked in the back in the alley and the neighbor’s car was gone so David had easy access to jack up the car and take care of the oil change. Here’s a picture of David in action (nice uniforms too by the way!):

The oil change also came with a free 90 point inspection and the overall process took right around an hour. I chatted with David for a while but all you really need to be there for is the beginning to hand him the keys and the end to e-sign the paperwork. Everything is logged online and the mechanic will even leave you cool voice memos and recommendations for whatever services you need.

I really like the fact that at the end of the appointment, David wasn’t trying to sell me on any of the services he recommended like they often do at a big chain auto body shop. He was very forthcoming with me and told me my brakes were getting low and I’d probably need new ones but I could definitely hold out until the next oil change. This is a really great feature of YourMechanic, because the way YourMechanic currently makes money is by receiving a transaction fee from the sale of auto parts. However, I didn’t feel pressured at all to buy anything, which means the mechanics really are trying to provide the best service versus up-selling you on unnecessary products.

Overall my experience was great and of course super convenient. While David was working, I made breakfast, took a shower and watched a little football. The synthetic oil change I got would have been $60 but with the $20 discount code, the price was only $40. When I called in to a few local shops, they all quoted me higher than that, ranging from $50-$85. So not only was YourMechanic cheaper but they were also more convenient and provided an overall much better level of service.

Why Use YourMechanic?

Beyond the convenience factor and the likelihood you’ll save money with YourMechanic versus going to an auto body shop, this is a great service for car owners whose cars are out of warranty and need basic car repair and maintenance.

Notice I said “basic car repair” and maintenance. Keep in mind that if your car needs substantial work, like replacing an engine or transmission, you’ll still need to make a trip to the shop. However, for almost anything else you could need, YourMechanic fills the void created by the hassle of having your car maintained during your busy weekend.

Let’s face it, most of us have plenty of other things we need to do on the weekend, and being without your car for half a day (or longer) simply isn’t going to cut it. YourMechanic takes the hasse of being stuck at a dealership (or asking someone for a ride) out of the equation, and let’s you get on with your life (side hustling, spending time with your family, etc.)

Ready to give YourMechanic a shot? I would really appreciate if you used my affiliate link and, as a bonus, if you do, you’ll save $20 off your first service with YourMechanic!

]]>1Melissahttp://yourPFpro.com/?p=59792015-03-04T05:25:15Z2015-03-04T14:30:42ZHere on Your PF Pro, we discuss a lot of important things related to saving, spending, and investing money. However, in order to be able to do any of this, often we need a job to get started. Sounds pretty basic, right? Unless you’re independently wealthy (in which case, want to sponsor my wedding?), we […]

]]>Here on Your PF Pro, we discuss a lot of important things related to saving, spending, and investing money. However, in order to be able to do any of this, often we need a job to get started. Sounds pretty basic, right? Unless you’re independently wealthy (in which case, want to sponsor my wedding?), we all need jobs to get us started funding our retirement accounts.

Even if you have a job right now, it’s likely you’ll want to change positions by receiving a promotion, changing fields entirely, or starting your own business, so managing your own personal brand is a constantly evolving process. How you present yourself will almost always directly affect how people perceive you and, concurrently, how much they’ll be willing to pay you.

If you’re in corporate America, non-profit work, or somewhere in between, it’s very important to pay attention to how you’re perceived. Whether or not you get a job or raise is sometimes primarily based on how you look, and that means everything associated with your look. Even freelancers should pay attention to this post, as any face-to-face meeting can have an impact on your potential earnings.

Perception is Everything

Studies have shown that how people perceive you depends on how you look, and a well-tailored outfit can make the difference between people wanting to give you a raise or assuming you can’t do the job. First impressions play a large part when you’re looking for a job, whether that’s at an office or at a networking conference.

Since most our earnings growth takes place between ages 25-35, it makes sense to follow the norm in your industry in order to get your foot in the door. This means looking like you belong there, or, in less generous terms, “faking it until you make it.” If your industry leans more conservative, both in dress and speech, then lean that way. Don’t lean so hard that you end up looking too stiff and unappealing, but if it’s in your nature to be more casual than the average corporate job, play the professional role for a bit.

How would this work in the real world? This means showing up in a tailored outfit: something that fits you well. On an interview, wear your best suit, or the interview outfit that the most people give you compliments on. It doesn’t matter if it’s your only suit, or even if it’s a suit you got from a discount rack. If it fits and you’ve received some compliments on it, then it’s good enough to wear to an interview.

Freelancers and creative, this goes for you too! While you likely won’t have to wear a suit, pair your casual blouses or shirts with a stylish blazer, or wear tailored slacks to an interview. You want to dress for the job you want, and while that might mean wearing sweatpants all day, make a solid first impression by dressing better than expected.

It’s Not All About Your Physical Attributes

Having the outfit down is one thing, but it doesn’t always come down to how you look. This is really important to note, because not all of us are models! I know it seems like the attractive people always get the best jobs, but I promise, it doesn’t always come down to who is “conventionally attractive.”

Your first impression will be based on your overall look, hence the best interview outfit you have. However, you will ultimately win the job, promotion, or new client based on your competency and congeniality.

The bottom line is we all want to make more money. If you’re reading Your PF Pro right now, you’re not reading it because you want to slack off and live in the woods. At least, if you do want to do that, you probably want to build up a sizable retirement fund or “living in the woods” fund first to support your lifestyle, right? Before you can have that lifestyle, you’ll have to focus on your talents, building your skills at your current job, and expanding your income by side hustling. This means securing the job by making the best first impression then sealing the deal with your competency.

A Note To Freelancers

Freelancers, I didn’t forget about you! Let’s say you don’t interact face-to-face with anyone, ever (not even networking events?). Perception also plays a role when you’re applying for jobs online, too. Have you taken a look at your website, resume, or email signature lately? Make sure what you put out there conveys competency and interest in the position (or project) you’re applying for. After all, if you’re applying to design a new client’s website, make sure you’ve linked to your best work.

When you are contacted by a client, either by phone or by email, convey your competency by speaking professionally (not using too much jargon, unless you both are on the same page) and not using excessive punctuation. And for goodness’ sake, leave out the emojis, unless your client is into those, in which case you can use them or not. Answer the phone and email with proper greetings, and always end the conversation with a sign off that summarizes your interaction. For example, “Thank you for the opportunity to explain my interest in this position/project. I will send you over my references/portfolio as requested this afternoon.”

Play the Game to Increase Earnings

As much as I hate to describe it as a “game”, there is a certain way to apply for promotions, jobs, and clients successfully. While every industry has its quirks (like how government loves acronyms too much), it’s imperative you know the basics of marketing yourself. By presenting yourself in the best light, you’re much more likely to get the job you’re going for, and start earning more money.

After all, there is only a finite amount of money you can save until you can’t save anymore (for example, you can’t skip on paying your rent). However, with promotions or adding clients to your side hustle, your options for earning more money are only bounded by the amount of time you put in. Increase your earnings potential by making recruiters, your supervisors, and clients want to hire you for your skills and talent by presenting yourself in the best way.

Do you agree that perception is everything when it comes to getting a new job, promotion, or client? Or have you found it’s less about how you presented yourself, and more about your work speaking for you?

]]>2Harry Campbellhttps://plus.google.com/+harrycampbell/postshttp://yourPFpro.com/?p=59692015-03-03T21:32:17Z2015-03-02T14:30:46ZA few weeks ago, we covered Money Moves to Make in Your 30s, but in covering the 30s, we missed a crucial period for many readers of Your Personal Finance Pro: everyone in their twenties! Many personal finance websites have already covered the standard things you “should” do in your twenties, like cut down on […]

]]>A few weeks ago, we covered Money Moves to Make in Your 30s, but in covering the 30s, we missed a crucial period for many readers of Your Personal Finance Pro: everyone in their twenties! Many personal finance websites have already covered the standard things you “should” do in your twenties, like cut down on your latte habit and invest that $5 a day into an emergency fund.

However, there are several unconventional ways to make the most out of your 20s. By incorporating these moves into your 20s, you’ll set yourself up for greater success in your 30s – and beyond!

Invest Your Greatest Asset: Time

While some say your 20s are your time to “live it up” and enjoy life (i.e. spend money) as much as you can, take the unconventional approach and save your time – and money. By not going out and spending money on happy hours or fancy furniture, you’ll save money and use your greatest asset to build a large nest egg. Even if you’re only able to invest 5-10% of your money into your retirement account, you will have 50+ years to watch it grow. Unfortunately, many of your peers may not realize the power of compounding interest until their thirties or forties.

Leverage the Power of Your Twenties

Your twenties and early-to-mid thirties are the best time to leverage your youth, energy, and passion into your career. This means not settling for a job that you can only just tolerate. Invest in yourself by tackling new work whenever you see an opportunity. Whether you have to ask for it, or you’re given opportunities to tackle projects on your own, accept everything worthwhile that comes your way.

Investing in your success early will pay off in dividends down the road. The beginning years of your career are crucial to your future success, as this is the period in your life where earnings can increase significantly. Early wage growth spells success down the line, as you’re more likely to continue getting raises, promotions, or other lucrative job offers. Don’t settle for a mediocre job because it’s easy – challenge yourself!

Invest in Your Confidence

Your twenties are a time to take chances and, potentially, fail. While you’re young and have more free time, invest in your skills and start a side hustle. Even if your job completely fulfills you in terms of challenges and new skills, there is always something else you could do to improve your prospects. Invest in learning a new skill, whether it’s improving your writing, coding skills, or even something unconventional like wilderness survival skills.

Charge it – Responsibly

Baby boomers often disparage millennials for their poor credit scores. Whether or not you were taught how to manage money, now is the time to prove your parents or their friends wrong. If you somehow have escaped your early twenties with absolutely no debt (auto loans, student loans, credit card, etc.), it’s time to take on some debt responsibly.

Think of building credit as a long term investment in yourself. It’s clear that you can use credit cards to your advantage – just check out the posts on how to successfully manages dozens of cards. However, you don’t have to even your cards that much to become financially responsible. By charging small amounts to your credit card and paying off the balance in full every month, you’re well on your way to achieving a stellar credit score.

This investment will pay off down the road when you’re applying for an auto or home loan. Also, don’t forget, some companies screen potential hires credit scores, so having a good score is a long term investment for your financial future.

Invest in Your Brand

Even if you never plan on starting your own business or side hustle, you’ll still want to invest in your brand. Investing in your brand means monitoring and shaping up your online presence. Time to take down those Facebook photos of you partying in college, or making obscene gestures (not that any of us has ever done that…). If you’ve neglected checking your privacy settings on Facebook, or reading through your old tweets to make sure you haven’t said anything you would regret, now is that time.

Like it or not, everything we say online is viewable to everyone, including current or potential employers. Go through your old posts throughout the web, and reconsider anything controversial you may have posted. If it’s not something you’d want blasted on the front page of a newspaper (or BuzzFeed article), take it down. Better to be safe than sorry!

Counterbalance a negative (or empty) personal brand by sharing good stuff about your career and accomplishments. Send out tweets touting an accolade you received at work, or share interesting Facebook posts about your industry. Make yourself a reputable source who is focused on their career and improvement. A positive personal brand will go a long way toward making a positive first impression on any potential employer.

If you’re looking for more traditional investing information, a great resource is Fisher Investment Guides. These guides will help you understand your net worth, how to invest in IRAs and 401(k)s, and more. Whether you’re in your twenties or beyond, Fisher Investment Guides are a useful resource to help you understand complex investment questions.

]]>4Harry Campbellhttps://plus.google.com/+harrycampbell/postshttp://yourPFpro.com/?p=59652015-02-28T04:34:38Z2015-02-27T02:00:08Z(Update 2/27/15): Congratulations to all the drivers who were able to take advantage of Lyft’s $1,000 double sided referral bonus over the past couple days. The deal is now dead but there are a few select cities still paying $1,000 to new drivers (but you have to complete 30 rides by 3/8). Lyft just announced their biggest sign-up bonus ever […]

This offer is available to brand new Lyft drivers who apply and give their first ride by 3/5! So if you are someone who is a brand new driver you can sign up right now and you’ll get $1,000 after you give your first ride – it’s as simple as that.

I know that probably sounds too good to be true but I just got confirmation from Lyft headquarters that this promotion is legit and there are no requirements to drive after your first ride or anything like that.

FAQ’s About Signing Up To Drive For Lyft

What’s the application process like?

In order to get signed up with Lyft, you will need to provide your name, address, date of birth, social security number, driver’s license and auto information. Your social security number will only be used to perform the background check (there is no credit check).

What’s a mentor ride?

Once you submit your application, you will need to do a mentor ride. Lyft may assign a mentor to you but you are free to do the ride as soon as you’re available. If you’re trying to get the $1,000 bonus by 3/5, the sooner the better.

In order to do your mentor ride, log on to the app and go into driver mode by tapping the steering wheel in the upper right corner. Then you can request a mentor (just like you’re requesting a Lyft driver). Once the mentor is confirmed, you will follow the navigation and drive to the mentor. You may also want to call the mentor at this point to confirm that you’re on the way. Make sure you bring all pertinent information (driver’s license, insurance, registration, etc).

The mentor ride should last about 15-30 mins and the mentor (an experienced Lyft driver) will take a look at your car and you’ll go for a quick test drive. Think of it as a very casual mini-interview

Mentors are available daily from 7 am – 5 pm.

When will I get approved?

You should know within 15 minutes of your mentor ride whether you’ve been approved or not and once you are, your background check will begin processing. Once you’ve passed your background check (2-3 days), you’ll be able to give your first ride and earn that $1,000!

]]>0Melissahttp://yourPFpro.com/?p=59582015-02-25T04:15:01Z2015-02-25T14:30:13ZIn my last post, I alluded to wedding planning, and I wasn’t just saying it drop hints to my (then) boyfriend. I’m really getting married! Don’t run – this isn’t going to turn into a wedding planning post, I promise. However, I have to say it: weddings are expensive. Why?? Is it parental pressure, childhood […]

]]>In my last post, I alluded to wedding planning, and I wasn’t just saying it drop hints to my (then) boyfriend. I’m really getting married! Don’t run – this isn’t going to turn into a wedding planning post, I promise. However, I have to say it: weddings are expensive. Why?? Is it parental pressure, childhood dreams, or unrealistic expectations? Probably a little bit of everything. However, have you ever thought about having your wedding entirely paid for by someone else? Not, not the Bank of Mom and Dad. I’m talking about getting a company to pay for your wedding. Don’t look at me like I’m crazy! This is something people actually do! With an average wedding cost of $28,000, some couples have been savvy enough to harness the power of company marketing and sponsorships to get their weddings entirely paid for. Would you do the same?

How to Get a Wedding Sponsor

Getting your wedding sponsored takes a lot of effort – much like planning a wedding itself. If you want to get sponsored, you should probably set up a wedding website. If it looks like this website, even better! Yes, Sponsorourwedding.com is a real site from real people who were looking for companies (or TV shows) to sponsor their wedding and honeymoon. If you’re looking for the big bucks, you’ve got to make a compelling website that shows you and your fiance having lots of fun and, hopefully, looking pretty. Yes, sorry to say you’re probably more endearing if you and your fiance are conventionally attractive. Just look at those two! You could also use a site, Wedding Sponsorships, that will send you a kit that will tell you how to go about getting your wedding sponsored. While I haven’t checked out this kit for myself, it seems to highlight contacting corporations to sponsor your wedding, which, while a lot of work, could turn out to be pretty lucrative if you have the right pitch! It’s Table of Contents also discusses “How to get your sponsor to consider backing a loser” that I’m not too sure about… are they talking about your future spouse being a loser? Joking aside, having your wedding sponsored by the right people could make a lot of financial sense. If there was a company you’d like to work with, you could approach them about sponsoring a portion of your wedding in exchange for featuring their logo, perhaps in the corner of your invitations.

Why Companies Would Sponsor a Wedding

While it may not make sense to some (me included, but I’m just an introvert like that), wedding sponsorships can be very profitable for businesses as well by generating buzz. In the case of the couple from SponsorOurWedding.com, companies that sponsored their wedding were promoted not only on the couple’s website, but in many media outlets across the country/world, including the Today Show, Essence, and Buzzfeed. In addition, it’s an easy and cheap way to get their product in front of people. For relatively little money, companies can get their name in front of potentially hundreds of people. For a newer or smaller business, this helps keep marketing costs low and buzz high. After all, it’s not every day you attend a wedding that is sponsored by The RideShare Guy (just kidding, Harry’s not sponsoring my wedding… yet… ;)) If you don’t want your wedding sponsored, you could still get a discount on your expenses by bartering. If there’s a company you’d like to have cater your wedding, but they have a horrible website or tons of grammatical errors, and you’re a good web designer or editor, offer your services in exchange for their services! The least they can say is “no.”

Is Wedding Sponsorship the Future?

Given the high price tags of some weddings, it might make sense for people to partner with companies to at least get some of the expenses reduced. It could be a win-win: a company can get cheaper promotional material by providing invitations with their logos or other swag. Companies could take photos of guests (with their consent) pictured with their products, and some of those photos could be of just the bride and groom. To some, it may seem like gross materialism. After all, if you can’t have the wedding of your dreams, shouldn’t you just scale it down? However, everyone is different and some people can’t picture their big day without all the extra pomp and circumstance. Personally, I wouldn’t ask for sponsorship of my wedding, although bartering is pretty intriguing. In the end, if it came down between putting yourself in debt for a big wedding, or having Apple sponsor some aspects of your wedding, I’d go for the sponsorship. Just as long as Apple’s sponsorship doesn’t require tattooing the Apple logo on my cheek!

Would you ever consider asking a company to sponsor your wedding? What do you think of the (potential) trend of asking for sponsorships to pay for wedding expenses? If you’re already married, did you ask for sponsorships or try bartering to reduce costs?

]]>8Harry Campbellhttps://plus.google.com/+harrycampbell/postshttp://yourPFpro.com/?p=59452015-02-16T23:27:54Z2015-02-23T13:25:50ZI’ve posted before about what it’s like driving for Uber and Lyft but today I wanted to update you on the situation for drivers. I think there is still a ton of opportunity in the 1099/on-demand economy but it’s definitely getting tougher. For all the same reasons (pay, flexibility, etc) that people like me started […]

]]>I’ve posted before about what it’s like driving for Uber and Lyft but today I wanted to update you on the situation for drivers. I think there is still a ton of opportunity in the 1099/on-demand economy but it’s definitely getting tougher.

For all the same reasons (pay, flexibility, etc) that people like me started driving, a lot of other drivers are signing up too. And it doesn’t help when Uber is constantly lowering prices in what seems like a race to the bottom.

I like to refer to a new driver’s first month with Uber as the “honeymoon phase.” It’s exciting when you first get on the road, and it’s hard to believe that you’re actually getting paid to drive people around and chat them up. There’s always the chance of a puker, but that’s usually outweighed by flirtatious twenty-somethings and the entertaining and often ridiculous things you’ll witness if you drive long enough.

Trust me when I say, the weirdest and most outrageous rides always make for the best stories. I might have to write a book some day with all of the crazy stuff that’s happened in my back seat. But for now, the reality is that after a month or two, the fun starts to fade and it does become more like a real job.

It’s still a pretty fun job, though, and it seems to scratch that entrepreneurial itch that I’ve always had. It’s a challenge operating as a micro-entrepreneur in the sharing economy, but I enjoy being able to set my own hours and seeing a direct correlation between how hard I work and the money I bring in. Unfortunately for drivers, Uber is making things tougher and tougher for us business owners to thrive.

The biggest issue drivers face today is that there is really only one game in town. What Uber says goes, and there’s not much you as a driver can do about it. Uber has prioritized growth above all else and it’s definitely left drivers in a tough spot. Imagine going into work one day and your boss tells you that you’re going to have to do the exact same job you did last week but for 30% less money. After a recent round of fare cuts, that is the exact situation drivers faced, and for many, this isn’t the first time it’s happened either.

You can try to supplement your income with services like Lyft and Sidecar, but when Uber is raising billions of dollars, it’s tough to stay away. Since the beginning, I have made it abundantly clear that I prefer driving for Lyft. The community aspect and the friendly nature of the passengers is what enticed me to become a driver in the first place. The only problem though is that I just get way more requests with Uber. I guess I’d rather make a little money with Uber than no money at all with Lyft.

I don’t know any drivers who love driving for Uber, but I do know a growing few who are pretty vocal about how much they hate it. A lot of the most outspoken drivers though have been with the company for a while. (Anyone with more than a few months of experience is old in rideshare years.)

But based off numbers Uber released in December, driver growth is at an all time high. 40,000 of Uber’s 160,000 drivers have joined the company within the past month, and they are definitely still in the honeymoon phase.

A lot of these newbies have likely heard stories about easy money to be made and lucrative sign-up bonuses. And while that was true just a few months ago, things can change quickly in this industry, and it’s often to the detriment of drivers. Some drivers may quit, but a majority will likely Uber on, because they may not have a better option.

I’ve seen outsiders argue that being a driver is at-will employment. If you don’t like it, just quit, right? Unfortunately, it’s not that simple. Driving for Uber has been a huge boon for a lot of drivers who struggled for months to find work. Some drivers may not have an alternative that allows them the flexibility and earning potential that Uber still boasts. Others like me actually enjoy driving, but we just want to be paid a fair wage.

Uber is now more focused than ever on passenger and driver growth, and preys on those drivers who don’t have an alternative. Most drivers can’t afford to quit so they just roll with the punches and try to make the best of their situation. Others have made life-altering decisions to drive for Uber, including financing new cars and quitting jobs to become drivers, and now they’re stuck.

It’s probably true that, at one point, drivers were overpaid, and maybe it wasn’t the smartest idea to finance a car with Uber. But it seems like Uber’s valuation and driver pay are going in two different directions. The more money Uber makes, the worse things get for drivers.

Drivers aren’t dumb. They know what’s going on. But at this point, there’s just not a whole lot they can do about it.

Harry Campbell is a blogger and freelance writer. He runs a blog and podcast for rideshare drivers at TheRideshareGuy.com and currently resides in Newport Beach, CA.

]]>4Melissahttp://yourPFpro.com/?p=59502015-02-18T05:29:34Z2015-02-18T14:30:52ZI’ve owned three cars in my life and they have come from Grandma, grandparents and my mom. Nothing like the family discount when you’re buying a car Today, PF Pro contributor, Melissa Hoffman takes a look at what it takes to buy a car. The event I’ve been dreading is arriving… no, it’s not […]

]]>I’ve owned three cars in my life and they have come from Grandma, grandparents and my mom. Nothing like the family discount when you’re buying a car Today, PF Pro contributor, Melissa Hoffman takes a look at what it takes to buy a car.

The event I’ve been dreading is arriving… no, it’s not wedding planning (although that’s around the corner) (just kidding, fiancé! It will be great!). It’s buying a new-to-us car. I loathe the car purchasing process. Why can’t we use the car until its wheels fall off? Unfortunately, my fiancé’s car has reached the point in its life where it’s more expensive to repair than fix. It’s been a good car, but once it’s more expensive to fix, you know it has to go.

For only owning one car ever in my life, I’ve been to car dealerships a lot. My parents leased cars for a while, then my Dad went through his midlife crisis several times and bought several cars (after privately selling the others first). Sometimes I remember my teen years as practically living on a car lot. However, I’ve learned that what I thought was torture (all day at a car dealership haggling) is apparently very common. According to all of my coworkers, we should expect to spend 8 to 10 hours at a car dealership.

Not one to waste precious hours on haggling with car salesperson (after all, I could be spending that time side hustling), I discovered there are several ways to approach purchasing a new car. Instead of going into a car purchase blindly, take a look at these steps and let me know what you think. Especially if you’re going through or have recently gone through the process of buying a car, I’d love to know your thoughts!

Step One: Set a Budget

Ah, setting a budget! That first, crucial step that many people overlook yet everyone should do. Before even looking at cars, set a budget for yourself. Edmunds.com says you should spend no more than 20% of your take-home pay on car payments, but you should establish a budget works best for you.

If you use your car all the time, or need specific things to make your car more comfortable (for you or the people you’re transporting), you may want to spend a little more to get that specific car. On the other hand, if you’re like me and just need your car to take you from Point A to Point B, you may have more leeway in your budget to get something cheaper.

Take into account all the non-tangibles associated with your car, including insurance, maintenance, and associated fees. Many people don’t consider about the long-term cost of maintenance on their car. While the car may be a 2012 in great shape, what does the long-term maintenance look like for that make and model? Check out online forums where people can review their cars – you may be surprised (pleasantly or otherwise) about how people feel about the car after 5 to 10 years of driving it.

If you’ve been getting by without a car, don’t forget to take into account fees associated with owning a car. Depending on where you live, you may be charged parking fees (both at work and/or at your residence, if you don’t have a garage) or toll road fees. All of these factors should be calculated into your budget to go into your total car payment.

Step Two: Set Up Your Financing

Unless you’re paying in cash, consider getting approved for an auto loan from your bank or credit union. This is not to say you can’t or shouldn’t go with the dealer’s financing option. If the dealer ends up giving you a better deal on financing than your bank, you can still go with it. However, by walking into a dealership (or private sale, etc.), you’re able to keep the negotiation of the car separate from the financing itself.

The last thing you want to do is walk into a dealership and let the car salesperson jockey you around the lot, enticing you into a car you, in the end, can’t really afford. You have a lot more power going into the negotiation with your own financing, and you can dictate the conversation based on that number, and no higher.

Step Three: Find Your Dream Car (Or 2, or 3…)

Thought you were done after setting a budget and getting approved for financing? Not quite yet… take some time to look online and pick a few cars you might like. Even if you absolutely can’t think of any particular type of car, surely you’ve sat in a friend or coworker’s car and thought, wow… this is a nice car!

Maybe you can’t afford the Toyota Camry, but what about the Corolla? Or if you want the Camry, check out similar cars, like the Honda Accord. It may be worth buying the latest Recommend Cars list from Consumer Reports, and narrowing your search from there. Sites such as Autos.com and Edmunds.com are also great places to look, and you can often find forums or reviews from car owners who will discuss the positives and negatives of their cars.

Step Four: Take a Couple Test Drives

Here comes the fun part! Auto nerd or not, most people love getting behind the wheel of a new car and giving the car a spin. And when I say “give the car a spin”, I mean it! If you like to drive it like it’s hot, test drive the exact same way – faster speeds and quick breaking included (within safety regulations, of course!)

By driving the car like you would normally drive your own car, you’ll have a better much feel for how that car will respond to you. If it doesn’t break as fast as you need it to, it may not be the car for you. However, unless you test drive it like you normally drive, you’ll never know, and then you’ll be stuck with a car that doesn’t mesh with your lifestyle.

That’s the best part about test driving cars – you can test drive as many as you want until you find that fits your style of driving. Take advantage of this one time in your life where you can drive as many cars as you want – maybe even take some of those more expensive cars out for a test drive, just to see how they feel and respond.

Step Five: The One Car to Rule Them All

Now that you’ve narrowed down your list and gone through test drives, it’s time to pick that one car you really want. By choosing one car, you can focus in on price and any amenities that are “must haves” (sunroof, keyless entry, etc.) Also, by picking one car, you will be able to focus on only price when evaluating offers from competing dealerships or private sellers.

If you’re having trouble narrowing down your list, come up with pros and cons between the cars. Let’s say you’re trying to choose between that Camry and Accord. Maybe there is a slight price difference, but more things that you like come standard in the Camry and not the Accord. Don’t forget the intangibles too: if there isn’t a big price difference, which one did you like more? Which one felt more “you” or felt like it would be better for your family? Don’t negate these little quirks when it comes to your pros and cons list. Something that annoys you a little bit now may come to be your biggest problem 5 years from now.

Step Six: Buy a Car!

Once you’ve chosen your new car, it’s time to buy! Whether it’s a brand new car or a new-to-you car, there are several ways you can purchase your new car.

The Old Fashioned Way: my least favorite way to purchase a car is at the dealership, but a lot of people like this method! Something about haggling and walking away from a purchase, only to be lured back with a better deal… If you like this atmosphere, just keep in mind your ultimate price, and don’t get pressured into purchasing more car than you originally wanted. Also, make dealerships compete for your business! After getting a “final offer” from one dealership, take that offer to another dealership and see if they’ll beat it. Remember: this is a big purchase, one that you’ll keep for many years. Don’t settle!

Private sale: more common thanks to Craigslist, private sales involve a little more risk than the dealership. If you choose a private sale, make sure to get the car inspected by your mechanic, and pull the car’s CarFax report. Take the car for a test drive, and if anything seems too good to be true (the car selling for $5,000 when it should be going for $15,000), get a second opinion.

Car-buying clubs: My favorite way to shop for a car (like I like to shop for almost everything) is on the internet, and car buying clubs make this even simpler. While you can work with car dealerships through Internet-only too, you can also choose your car through credit union or Costco’s Auto Program. Often you can get special pricing, the ability to customize your car (telling your contact exactly what you want your car to have), and, my favorite, not having to haggle with anyone or waste hours on a hot car lot!

If you’ve recently purchased a car, or are considering purchasing a car, what are your must-haves and what are you willing to settle on? Do you choose a car based on price only, or do you factor in the non-tangibles (like family lifestyle, environmental friendliness)?

]]>11Melissahttp://yourPFpro.com/?p=58872015-02-11T06:34:40Z2015-02-11T14:30:20ZI’ve never been a big fan of spending a lot of money on Valentine’s day and things seemed to have worked out ok for me Today, PF Pro contributor Melissa Hoffman takes a look at some alternatives to a fancy Valentine’s day dinner. Valentine’s Day is right around the corner, and with it generally comes […]

]]>I’ve never been a big fan of spending a lot of money on Valentine’s day and things seemed to have worked out ok for me Today, PF Pro contributor Melissa Hoffman takes a look at some alternatives to a fancy Valentine’s day dinner.

Valentine’s Day is right around the corner, and with it generally comes spending money. Whether you’re spending money on flowers, a card, or dinner and a movie out, in all likelihood, you are shelling out some amount of money this Saturday. This year, the National Retail Federation estimates 91% of people are planning on treating their significant others/spouses for Valentine’s Day. According to those surveyed, people are planning on spending an average of $142 on Valentine’s Day this year. This is up from $133 last year!

However, anyone can have a typical expensive Valentine’s Day dinner and a movie. What will set you apart is an alternative to the fancy Valentine’s Day dinner date – and hopefully you’ll save a little bit of money in the process! If you prefer alternatives to the fancy Valentine’s Day dinner, check out the following ideas.

Alternatives to Candy

This year, 53% of people plan on buying candy for their loved ones on Valentine’s Day. More people are planning on buying candy than even flowers (53% versus 38%). Personally, I’d prefer flowers to candy, but hey, clearly not everyone agrees.

Instead of going to a fancy candy store (or your local grocery store for an overpriced box of Valentine’s Day candy), consider making truffles with your loved one instead!

If you’re feeling adventurous and want to spend a little money, consider taking a truffle-making class. Not only will you learn how to make truffles with your honey, you’ll get to sample your creations and take some home for later enjoyment!

Some truffle-making classes include wine pairings, which is extra decadent, and won’t cost even as much as a typical fancy dinner and movie night.

Looking for something a little more frugal? Make your own truffles! Making truffles doesn’t involve any complicated kitchen gadgets beyond a saucepan and parchment paper. Use this recipe by Alton Brown for inspiration. If you don’t have a melon baller, you can use a spoon!

Turn it into your own truffle-making classes by buying a bottle of your favorite wine ahead of time, and surprising your loved one with all the ingredients already purchased.

Alternatives to Flowers

For the most part, flowers on Valentine’s Day are going to be overpriced and of poorer quality. Due to higher-than-normal demand, you’ll pay more in terms of shipping and likely won’t get the best flowers of the season.

The best way to save money on flowers is to avoid purchasing pricey flowers on Valentine’s Day entirely. However, if you know your significant other/spouse is really looking forward to flowers, surprise them with something that isn’t roses! While roses are the typical Valentine’s Day flower, you could save money by getting a bouquet of colorful, in season flowers from your local florist.

Scout out your local florist a few days before Valentine’s Day (basically, now) and see what they have available and what they recommend for in season flowers. Compare prices between your local florist and your grocery store, as sometimes the local florists have better prices than big-name grocery chains. Don’t forget to think local in terms of the flowers too: while pretty much all flowers in Boston are probably going to be pricey (because they won’t be local), you might be surprised by the variety of flowers you can get in the southern half of the US, especially California, Arizona, and Florida.

Alternatives to the Fancy Valentine’s Day Date

Ah, the big Valentine’s Day date night itself: how can you save money on this and still keep it romantic? One of the best alternatives to the fancy Valentine’s Day dinner is the date itself. Don’t celebrate on Valentine’s Day!

On Valentine’s Day, especially since it falls on a Saturday this year, restaurants are more likely to be crowded. Many restaurants will offer Valentine’s Day “specials”, offering you an appetizer, entrees, dessert and maybe wine, but at a price likely more expensive than you would typically spend.

Avoid all the extra expense and additional wait times by celebrating a few days before or after February 14. Sure, you’ll miss the Valentine’s Day experience, but you’ll make up for it in price and time spent waiting. You’ll still get to enjoy a nice dinner, too, but on your own time, peacefully.

If you won’t be able to get away with celebrating Valentine’s Day on a different day, change your thinking. Instead of a dinner out, think about what your significant other/spouse would really appreciate. Would they prefer a massage, or for you to plan and make dinner? Would they prefer quiet time with a relaxing bath and book? Think about what makes them the happiest and incorporate that into your Valentine’s Day celebration.

If all else fails, maybe you can book a trip to Portland this weekend for Cuddle Con. Cuddle Con is a new convention that “aims to promote platonic cuddling in a positive light.” While the cuddling at Cuddle Con is platonic, you can bring your significant other/spouse and try something new!

Now, I can’t guarantee your spouse will love all of these ideas. Some people really like the typical Valentine’s Day dinner and a movie and would be unhappy if you changed things up. Hopefully you know your significant other/spouse well enough to determine if these ideas would be good or would end up with you sleeping on the couch. However, if you’re looking for alternatives to the fancy Valentine’s Day dinner date, these are unique (and frugal!) options for you to enjoy.

How do you plan on spending Valentine’s Day this year? Are you avoiding the crowds, or do you already know you’ll be jumping right in?

]]>6Melissahttp://yourPFpro.com/?p=58752015-02-04T04:46:20Z2015-02-04T14:30:25ZNow that most of my 1099’s have arrived, I’ll be sitting down to do my taxes soon! Today, PF Pro contributor, Melissa Hoffman takes a look at a few ways you can reduce your tax burden and keep more money in your pocket. As much as you may not want to hear it, we’re well […]

]]>Now that most of my 1099’s have arrived, I’ll be sitting down to do my taxes soon! Today, PF Pro contributor, Melissa Hoffman takes a look at a few ways you can reduce your tax burden and keep more money in your pocket.

As much as you may not want to hear it, we’re well into 2015 and tax season is rapidly approaching. Maybe you thought if you didn’t take advantage of tax breaks by December 31, 2014, you missed out. Lucky for you, there are still some ways to reduce your tax burden now! Here are three ways you can still reduce your 2014 tax burden, through contributions you can still make and deductions you can take.

Boost Your Retirement Savings

You can still contribute to your individual retirement account (IRA). If you don’t have an account, you have until April 15 to open one and contribute the maximum, or you can continue to max out one you already have.

You can contribute up to $5,500 (or $6,500 if you’re 50 or older by the end of 2014), all of which enables you to reduce your taxable income. The exact amount you are able to deduct depends on your income and whether you participate in a retirement savings plan at work, so you may want to talk to a tax professional if you have more questions about your individual case.

Contribute to a Health Savings Account

While you do have to be enrolled in a high deductible health plan (HDHP) with a health savings account (HSA), if you have one, now is a good time to contribute the maximum to your account. As Harry has discussed several times, contributing to an HSA is a win-win-win for tax purposes. With an HSA, you can make a tax-deductible contribution that grows tax-deferred and can be withdrawn for any medical expense (at any age) tax-free. With the ever increasing costs of medical care, you may as well start saving up as soon as you can!

Best of all, you can still contribute to your HSA until April 15, 2015 and claim that contribution as a deduction on your 2014 taxes. The maximum HSA contribution allowed for 2014 is $3,300 for individuals and $6,550 for families. If you’re 55 or older, you can contribute an additional $1,000.

Reevaluate Last Year’s Tax Breaks

Be sure to review tax breaks you may already qualify for from last year, including breaks for going green, being an educator, and student loan interest.

Currently, a tax credit is available for homeowners who installed alternative energy equipment, including solar electric systems, solar water heaters, and even new windows. You can get a tax credit of up to $500 for making these energy-efficient home improvements. For more information on what counts, check out the Alliance to Save Energy here.

Do you have student loans? If so, you can deduct up to $2,500 in student-loan interest for you, your spouse, or a dependent if your modified adjusted gross income (MAGI) is less than $60,000 (single) or $125,000 (married and filing jointly). If you earn more than $75,000 if single or $155,000 married filing jointly, the deduction phases out, so take advantage of the deduction while (if) you don’t make as much!

There are a variety of other tax breaks you can take advantage of, including gambling losses, state and income taxes you’ve already paid, and deductions for specific workers (including teachers). Check out the Credits and Deductions section of the IRS website in see if you qualify for more itemized deductions here.

Although December 31, 2014 has passed, and taken several good tax deductions with it, 2015 still has its own benefits. If you weren’t able to contribute the maximum to your IRA or HSA, you still have plenty of time. You may still be able to take advantage of tax credits too, or at least use them for next year’s return. Either way, there are a variety of ways to continually reduce your tax burden, which will save you money and help augment your retirement savings.

How are you minimizing your tax burden this year, or what did you do last year to minimize your taxes? Do you typically itemize or take the standard deduction?